Lines of business

Michael Kehoe will relinquish the president’s role to COO Brian Haney and assume board chairmanship but will remain company CEO.

Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.

Booten has been COO at Citizens since May 2020, and at the public insurer in various positions since 2002.

Under the new agreements, Kingstone will cede 27% of its personal lines insurance written, down from 30% in 2023, and will receive a higher ceding commission rate than in 2023.

While there’s no evidence that SCS activity is climbing beyond normal bands of variability from a frequency perspective, emerging data signifies that severity could be ticking up.

The departure less than a month after GBLI announced it was halting the sale process for subsidiary Penn-America, parent company of Penn-Patriot.

The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.

January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.

Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.

December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.

TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.

2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.